{"id":5450,"date":"2019-05-16T11:02:15","date_gmt":"2019-05-16T15:02:15","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5450"},"modified":"2019-05-16T11:02:15","modified_gmt":"2019-05-16T15:02:15","slug":"ensure-the-survival-of-the-company-in-case-of-death","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/business\/retirement-and-succession\/ensure-the-survival-of-the-company-in-case-of-death\/","title":{"rendered":"Ensure the survival of the company in case of death"},"content":{"rendered":"

Your business\u2019 financial health comes as a result of sound planning. Premature death can threaten business continuity and, hence, the survival of your company. Life insurance and a shareholder agreement can help you face the financial repercussions of death on your company, family and loved ones.<\/p>\n

See :\u00a0Shareholder agreements : A wise chioce!<\/a><\/p>\n

Keeping business operations running<\/h2>\n

Death of a sole proprietor<\/h3>\n

Upon a sole proprietor\u2019s death, the company is usually transferred to the deceased\u2019s succession, usually his or her family. If one of the children wants to take over the company, what happens to the other children\u2019s inheritance?\u00a0Life insurance<\/strong>\u00a0is the ideal solution to ensure\u00a0fairness within the family<\/strong>, to allow the children who will not be taking over the business to be compensated by a life insurance benefit.<\/p>\n

If there is no one in the family to take over the business, taking out\u00a0life insurance on the owner\u2019s life<\/strong>\u00a0can enable a key employee to obtain the funds required to buy out company assets left to the family.<\/p>\n

Death of a key person<\/h3>\n

The death of a key person can severely compromise company operations. Taking out\u00a0life insurance on this person\u2019s life<\/strong>\u00a0can allow you to maintain company operations by giving you the opportunity to:<\/p>\n

    \n
  • hire a replacement until a successor is ready to take over the position<\/li>\n
  • compensate for any backlash due to loss of expertise<\/li>\n
  • cover operating costs<\/li>\n<\/ul>\n

    Meet your financial obligations<\/h2>\n

    Whether you are self-employed, a partner or a business owner, credit insurance allows you to protect your business projects and look to the future with confidence in the event of death.\u00a0Credit insurance\u00a0(Loan Insurance and Line of Credit Insurance) covers you in the event of death, since it:<\/p>\n

      \n
    • ensures repayment of insured loan balance<\/strong>, removing this financial burden from the estate or business and easing the transfer of asset to your loved ones or a third party<\/li>\n
    • allows the succession to dispose of the entire inheritance<\/strong>, since it no longer has worry about paying off the loan<\/li>\n<\/ul>\n

      Protect the financial security of your family<\/h2>\n

      In the event of death, your succession could decide to keep the company, sell their shares or liquidate company assets. To be prepared for the unexpected, a guaranteed life insurance amount can:<\/p>\n

        \n
      • help pay any taxes due following liquidation of taxable assets<\/li>\n
      • help your family maintain its lifestyle by providing replacement income<\/li>\n
      • ensure fairness among all family members in the event of business ownership transfer<\/li>\n
      • finance the difference between the sale price of shares and their market value in the event of unfavorable economic conditions or fast sale<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

        Your business\u2019 financial health comes as a result of sound planning. Premature death can threaten business continuity and, hence, the survival of your company. Life insurance and a shareholder agreement can help you face the financial repercussions of death on your company, family and loved ones. See :\u00a0Shareholder agreements : A wise chioce! Upon a […]<\/p>\n","protected":false},"author":1,"featured_media":4136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[125],"tags":[],"class_list":["post-5450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement-and-succession"],"acf":[],"yoast_head":"\nEnsure the survival of the company in case of death | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/business\/retirement-and-succession\/ensure-the-survival-of-the-company-in-case-of-death\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ensure the survival of the company in case of death | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"Your business\u2019 financial health comes as a result of sound planning. 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